Similar things are happening this side of the border also with company pension plans. Right now the pension that pays me is underfunded and should it fail and be wound up my pension would be greatly reduced, no grandfathering there. The CPP, Canada Pension Plan, paid to you by the Federal Government from mandatory contributions you made while working has been altered too recently. Now if you were born after a certain year you will not be able to collect a full unreduced pension till you are 67 instead of 65. Yes, no pension is safe, private or public from the squeeze. Adding to that squeeze is a rapid move to defined contribution type retirement plans, DCPP, from defined benefits type pension plans, DBPP. Very shortly in Canada the DBPP type will almost totally disappear and those lucky enough to even have a non CPP plan will be on a DCPP type. This old mule is about swaybacked or will be shortly.

The same type of thing is happening in Europe too I am sure.

Bob